Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][32]. Core Insights - The report highlights the recent tax policy changes regarding gold, which exempts value-added tax for standard gold transactions, potentially boosting market activity [3][22]. - The beauty care sector shows mixed performance, with some companies reporting significant revenue growth while others face declines [4][25]. - The report emphasizes the importance of domestic brands in the beauty market, with notable rankings in the Douyin beauty list indicating a shift towards local products [22][23]. Market Performance - During the week of October 27 to October 31, 2025, the retail trade, social services, and beauty care sectors experienced changes of +1.63%, +0.45%, and -2.21% respectively, ranking 8th, 17th, and 30th among 31 primary industries [13][15]. - The cosmetics sector faced a decline of -2.57%, while segments like trade and e-commerce performed well with increases of +3.44% and +2.97% [15][18]. Key Company Announcements - Shanghai Jahwa reported a revenue of 4.961 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.8%, with a net profit growth of 149.1% [25]. - Proya Cosmetics achieved a revenue of 7.098 billion yuan, reflecting a modest growth of 1.89% [25]. - The opening of Pop Mart's first store in the Middle East marks a significant expansion for the brand [29]. Investment Recommendations - The report suggests focusing on companies such as Shiseido, Giant Bio, Marubi, Runben, Proya, Chaohongji, and Furuida as potential investment targets within the recommended sectors [5][32].

证券代码：002867 证券简称：周大生 公告编号：2025-051 周大生珠宝股份有限公司 2025 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 周大生珠宝股份有限公司（以下简称"公司"）2025年半年度权益分派方案 已获2025年9月17日召开的2025年第二次临时股东会审议通过，现将权益分派事 宜公告如下： 一、股东会审议通过权益分派方案情况 1、公司2025年第二次临时股东会审议通过的利润分配方案为：以截至2025 年8月28日（第五届董事会第七次会议审议通过的本次分红预案披露日）的公司 总股本1,085,473,893股为基数，以母公司可供股东分配的利润向全体股东拟每10 股派发现金股利2.50元（含税），合计派发现金股利271,368,473.25元，不送红股， 不以资本公积转增股本。 如在分配方案披露至实施期间因新增股份上市、股权激励授予行权、可转债 转股、股份回购等事项导致公司总股本或可参与分配的股本基数发生变化的，按 照分配比例不变的原则对分配总额进行调整。 股为基数，向全体股东每10股派2.500000元人民币 ...

新京报贝壳财经讯 在近期黄金等贵金属配置持续火热的背景下，2025北京国际钱币博览会（简称"钱博会"）于10月31日至11月2日在京举行。其间，周大生 珠宝股份有限公司（简称"周大生"）协同世界铂金投资协会（WPIC），在交通银行展厅发布联名创新艺术贵金属产品，引起关注。 钱博会"以梦为马·为爱而生"的联名创新艺术贵金属产品发布仪式现场。 现场发布的"《以梦为马·为爱而生》艺术金"，以中国传统生肖马为主题，每套包含金版、铂金版与银版贵金属艺术品各一枚。 图/主办方提供 这两款新品不仅以中国传统文化为底蕴，更融入了西方印象派大师莫奈的艺术风格，在贵金属材质上实现了东西方美学的融合，呼应了当前贵金属消费 向"文化+艺术+金融"多维价值升级的趋势。 WPIC首席执行官特雷弗・雷蒙德表示，中国已成为全球铂金投资的重要市场，此次WPIC为"《以梦为马·为爱而生》艺术金"提供全程协制，正是基于对中 国市场的高度认可。未来，WPIC将持续携手中国金融机构与珠宝企业，推动更多铂金文化创新产品落地。 周大生董事副总经理管佩伟也表示，未来将深化与各方伙伴的合作，聚焦消费者对个性化、艺术化贵金属产品的需求，持续推出具有市场竞争力的 ...

1.周大生一年关闭560家店 点评：芯片巨头连年提价，技术霸权下的市场博弈。 尽管金价一路攀升，但黄金珠宝企业的盈利却反向下行，多家头部品牌已开始缩减门店规模。周大生 （002867.SZ）最新财报显示，截至2025年9月30日，公司终端门店数量为4675家，较上年同期净减少560 家，其中加盟门店减少380家，成为关店主力。 点评：老牌珠宝遇冷，关店潮折射转型阵痛。 2.马来西亚首富郭鹤年之子上海买入自家豪宅 近日，嘉里建设有限公司（00683.HK）公告称，公司董事会主席、行政总裁及执行董事郭孔华于10月31日 与嘉里旗下全资附属公司上海卓妙置业有限公司签订协议，购买位于上海市黄浦区金陵华庭一套449平方米 的四室房源，交易总价约为1.168亿元(约1.277亿港元)，单价超26万元/平方米。 点评：商界巨子低调布局，显市场信心与家族传承。 3.消息人士：台积电启动"连4年涨价"计划，5纳米以下估涨约5-10% 产业人士透露，台积电已通知客户，自9月起，针对5纳米以下先进制程启动连续4年涨价计划，业界形容这 是"AI时代以来首次长期涨价行动"。芯片设计业者指出，台积电此次调涨恐怕意味将逐步缩减7纳米以上成 ...

相关事件 港股异动丨黄金税收新政出台！老铺黄金、周大福、周生生等黄金饰品股集体大跌 研报掘金丨中金： 上调周大福目标价至19.45港元 上调2026财年每股盈利预测 老凤祥(600612)：25Q3收入增长稳健 利润端 短期承压 研报掘金丨东吴证券：老凤祥业绩动能稳步增长，维持"买入"评级 周大生(002867)2025年三 季报点评：改善态势延续 期待Q4业绩继续修复 周大生(002867)2025年三季报点评：Q3利润+13.6% 产 品创新和渠道结构优化 港股异动丨黄金税收新政出台！老铺黄金、周大福、周生生等黄金饰品股集体 大跌 老铺黄金(06181.HK)完成配售371.18万股新H股 摩根士丹利发表报告指，中国取消黄金零售的增值税抵扣优惠政策，黄金品牌商向主管机关确认，黄金 原料采购需额外加征7%增值税。众多品牌于11月3日将按重量计价的黄金首饰价格上调约5%。 该行指，观察到潜在需求转移趋势，包括从金条转向珠宝、从重量计价转向定价模式、从小型业者转向 龙头品牌、从内地转向港澳地区。该行预期市场将出现整合，中小型零售商将面临更多店铺关闭，加盟 商管理薄弱的品牌亦面临风险。 大摩指，在该行覆盖范围内， ...

Core Viewpoint - The recent announcements from major banks regarding the suspension and resumption of gold accumulation services are primarily influenced by new macroeconomic policies and tax regulations affecting the gold market [3][5][7]. Group 1: Bank Announcements - Industrial and Commercial Bank of China (ICBC) announced the resumption of the "Ruyi Gold Accumulation" service after previously suspending it due to macroeconomic policy impacts [1]. - On the same day, China Construction Bank (CCB) also suspended its "Easy Gold" service, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. Group 2: Tax Policy Changes - The Ministry of Finance and the State Administration of Taxation released new tax policies for gold, effective from November 1, 2025, which include exemptions from value-added tax (VAT) for certain transactions involving standard gold [7]. - The new tax regulations are expected to increase costs for gold procurement and production, prompting companies like Chow Tai Fook to adjust their product prices accordingly [8]. Group 3: Market Reactions - Following the announcements, shares of gold jewelry companies in the A-share market experienced significant declines, with companies like Chao Hong Ji hitting the daily limit down [8][9]. - In the Hong Kong stock market, major gold jewelry stocks such as Chow Tai Fook and Luk Fook also saw substantial drops in their share prices, indicating a negative market sentiment towards the gold sector [10]. Group 4: Industry Impact Analysis - According to CITIC Securities, the new tax regulations will have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for companies selling investment gold, and expected price increases for consumers purchasing gold jewelry [10].

Group 1 - Starbucks announced a joint venture with Boyu Capital to operate its retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [2] - The estimated total value of Starbucks' retail business in China is projected to exceed $13 billion, with plans to expand the number of stores from 8,000 to 20,000 [2] Group 2 - Amazon's AWS signed a $38 billion deal with OpenAI to provide computing power, including NVIDIA GPUs, over a seven-year period [3] - This agreement will support the development of ChatGPT and future AI models, with all capacity expected to be operational by the end of 2026 [3] Group 3 - 27 apps, including Shentong Express, were removed from app stores for violating user rights and failing to rectify issues related to personal information collection [4][5] - The Shanghai Communications Administration will continue to monitor these apps and may impose further penalties [5] Group 4 - TSMC plans to implement a price increase of 3%-5% for advanced processes below 5nm starting January 2026, reflecting strong demand in AI and high-performance computing [7] - TSMC emphasized that its pricing strategy is based on long-term planning rather than opportunistic adjustments [7] Group 5 - Tesla's sales in Europe have significantly declined, with a reported 89% drop in Sweden for October, marking the largest market decline [8][9] - The only exception was France, where Tesla saw a slight increase of 2.4%, although this was from a low base [9] Group 6 - The Chinese Ministry of Commerce and the European Commission held talks on export controls, agreeing to maintain communication to stabilize supply chains [10] Group 7 - The founder of Quan Guo Fund, Wang Guobin, passed away unexpectedly, having previously made significant contributions to the asset management industry [11][12] - Wang had expressed optimism about China's economic prospects, particularly in AI and technology sectors [12] Group 8 - Zhou Dasheng, a jewelry company, closed 560 stores in the past year, primarily due to a decline in retail consumption amid rising gold prices [16] - The company aims to focus on quality growth and market share through a multi-brand strategy despite challenging market conditions [16] Group 9 - Sam's Club responded to customer concerns regarding changes in its app, stating that modifications began in August and will continue to be optimized based on user feedback [20] - Guangzhou Metro addressed issues with its app's advertising affecting functionality, promptly removing the problematic ads [21]

Group 1 - Starbucks announced a strategic partnership with Boyu Capital to establish a joint venture, selling 60% of its China business for an enterprise value of approximately $4 billion, aiming to expand the number of stores in China from 8,000 to 20,000 [1] - OpenAI's CEO Sam Altman denied rumors of an IPO in 2024, stating that there is no specific date for going public [2] - Weima Automobile hinted at an upcoming event related to new products and services, indicating a recovery in its operations [2] Group 2 - Autohome launched an e-commerce platform to provide a full-service experience for car buyers, integrating online and offline resources [4] - The founder of Quan Guo Fund, Wang Guobin, passed away unexpectedly, having significant contributions to the asset management industry [4] - Didi announced an upgrade to its membership program, enhancing user experience with new benefits [4] Group 3 - Microsoft CEO Satya Nadella indicated the possibility of resuming hiring, contingent on employees acquiring skills to collaborate with AI [5] - Apple delayed the launch of its AI feature "Apple Intelligence" in China, facing technical challenges [7] - Xiaopeng Motors' CEO expressed ambitions to mass-produce robots by 2026, comparing the current state of robotics to early electric vehicles [7] Group 4 - Alphabet plans to issue at least €3 billion in bonds to finance its AI expansion efforts [9] - Apple is set to enhance Siri with Google's Gemini AI, marking a rare collaboration between the two companies [10] - Anshi Semiconductor's factory in Dongguan continues normal operations despite external challenges, with significant orders from clients [12] Group 5 - Changan Ford's chairman Zhu Huarong has stepped down, with Zhao Fei taking over the position [12] - Zhou Dasheng reported a net closure of 560 stores in the past year, primarily affecting franchise locations [13] - Kade Investment is rumored to be considering a merger with Frasers Property, but has not confirmed any details [13] Group 6 - Chipmaker Xinzhenwei completed a multi-hundred million yuan Series A financing round [14] - Kuaishou's subsidiary increased its registered capital significantly, indicating growth in its operations [14] - AI medical imaging company Shukun Technology is preparing for an IPO, aiming to capitalize on favorable market conditions [15] Group 7 - Yujian Robotics launched the Rover X1 home robot, featuring advanced technology for versatile applications [16] - Xingji Power introduced its first humanoid robot, with plans for mass production by 2026 [18] - Huawei's Mate70 Air smartphone was leaked, showcasing its design and features [21] Group 8 - The China Road Transport Association announced that major logistics platforms have implemented real-name registration for freight owners [23] - Global TV shipments fell below 50 million units for the first time in history, with a projected recovery in the fourth quarter [24]

黄金交易税收新规落地。 11月1日，财政部、税务总局发布《关于黄金有关税收政策的公告》（以下简称《公告》），明确自2025年11月1日起至2027 年12月31日，对在上海黄金交易所、上海期货交易所交易的标准黄金实施一系列增值税政策调整。 本次税收新政将如何影响个人金饰买卖与金价走势？ 中信建投研报指出，《公告》将产生三方面影响：对于非投资类的黄金饰品企业，因进项税抵扣减少（由13%降至6%），对 于成本端或有所提升；对于投资金销售的企业，会员单位销售金币具备优势；对于终端消费者而言，购买黄金饰品价格预计 将提升，具体提升幅度要看黄金饰品企业的成本转移幅度，向上海黄金交易所会员单位购买金条不受影响。 华泰期货认为，短期来看，新规可能推高金价进而压制实物需求；长期则有助于黄金投资市场规范化，增强其金融属性，提 升在资产配置中的地位。在全球金融波动背景下，中长期黄金需求预计不会受税制压制。此外，持有成本上升或促使居民财 富更多流向实体经济或资本市场，进一步助力经济复苏。 区分投资用途和非投资用途 《公告》显示，会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金时，卖出方销售标准黄金可享受免征增 值税优惠 ...

Core Insights - The new tax regulations on gold trading will take effect from November 1, 2025, to December 31, 2027, impacting the value-added tax (VAT) policies for standard gold traded on the Shanghai Gold Exchange and Shanghai Futures Exchange [1] Tax Policy Changes - The new regulations will reduce the input tax deduction for non-investment gold jewelry companies from 13% to 6%, potentially increasing their costs [1][2] - Investment gold sales will still benefit from the VAT exemption for member units selling standard gold, maintaining their competitive edge [2][3] - Consumers purchasing gold jewelry are expected to face higher prices, with the extent of the increase depending on how much of the cost is passed on by jewelry companies [1][3] Market Reactions - Short-term effects may lead to an increase in gold prices, which could suppress physical demand, while long-term effects may help standardize the gold investment market and enhance its financial attributes [1][5] - Domestic gold jewelry prices have already seen significant increases, with brands like Lao Miao and Chow Tai Fook raising prices by approximately 63 to 62 CNY per gram [3] Changes in Purchasing Behavior - The new regulations may shift consumer purchasing behavior, with a potential move from off-exchange to on-exchange transactions for gold, as the latter offers tax advantages [5][6] - Consumers may prioritize purchasing investment-grade gold bars through exchange channels to benefit from tax exemptions, while the demand for jewelry may decline due to increased costs [6] Gold Price Impact - Following the announcement, gold prices experienced fluctuations, with spot gold initially dropping by 0.6% before rebounding [7] - The overall sentiment in the global market may be negatively affected by the changes in China's tax policy, despite the country's record demand for gold this year [8][9]